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(U1) Bullish Focus


Bill Supply For W/C Aug 2, 2021


(U1) Bulls Remain In Charge


Coronavirus Concerns Gather Steam In China

AUSSIE: AUD/USD sits at $0.6823, a touch lower on the day. The rate has inched
lower following the adoption of a bill supporting Hong Kong protests by U.S.
Senate, possibly due to potential implication for trade talks with China.
- Bears would like to see a drop under the mid-point of the Oct bull mkt/Nov 18
low at $0.6801/6799 before setting their sights on $0.6770, the 61.8%
retracement of the aforementioned rally and also the low of Nov 14. On the
topside, should the 100-DMA at $0.6836 give way, bulls could target the Nov
12/13 highs of $0.6857.
- The rate dipped in Tuesday's Asia-Pac session as participants read the minutes
from the RBA's Nov MonPol meeting as dovish. However, a piece from RBA watcher
McCrann, who talked down the chances of a rate cut in Dec, helped recovery. A
post-WMR fix uptick to daily highs was seen on a BBG report re: U.S./China
dusting off the deal template from May to use it as a benchmark in their talks.
- Australian skilled vacancies data will be published shortly, worth watching
the numbers after last week's underwhelming labour mkt report. Flash CBA PMIs
are due on Friday